CC, Mofo on right track after advising train maker on $1.2bn HK IPO
Clifford Chance (CC) and Morrison & Foerster (Mofo) were lead advisors on the Hong Kong IPO of Chinese state-owned train maker China CNR, which raised $1.2bn.
May 23, 2014 at 03:19 AM
2 minute read
Clifford Chance (CC) and Morrison & Foerster (Mofo) were lead advisors on the Hong Kong IPO of Chinese state-owned train maker China CNR, which raised $1.2bn.
The deal is thought to be the second biggest IPO in Asia so far this year, with the company selling 1.82bn shares at HK$5.17.
It saw car maker Dongfeng Motor Corporation and machinery manufacturer China National Machinery Industry Corporation come on board cornerstone investors, according to reports.
China CNR was advised by Morrison & Foerster, with a team led by Hong Kong corporate partner Charles Chau alongside office managing partner Ven Tan, and US securities partner Gregory Wang.
Washington DC partner Nicholas Spiliotes also advised on US sanction law issues, while Berlin partner Christoph Wagner provided EU sanction law counsel.
Since the company was already listed on the Shanghai Stock Exchange, the completion of the H-share IPO made it an "A+H" company. Mofo is understood to have acted on the first ever A-share and H-share dual rights issue when in 2007 it acted for Angang New Steel, which raised $2.6bn.
CC meanwhile acted for the banks, which included UBS, CICC, Macquarie, Deutsche Bank and Goldman Sachs as joint global coordinators.
Co-leading a team was Beijing-based corporate partners Jean Yu and Tim Wang, while capital markets partner Jean Thio, who works in Shanghai, advised on US law aspects.
Other law firms involved included, Jingtian & Gongcheng and Commerce & Finance Law Offices which provided PRC counsel to the issuer and underwriters respectively, in addition to Allens which advised on Australian sanctions law.
Related: CC and Linklaters lead on Harbin Bank's planned $1bn Hong Kong IPO
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